Florida’s Citizens Property Insurance Corporation announced Jan. 20 that it has reduced its policy count to under 500,000.

The company said in a statement that its policy count on Jan. 19 was 484,788, the lowest level recorded since Citizens was created in 2002. Total exposure has shrunk to $143.53 billion. The Florida Legislature created Citizens, a not-for-profit alternative insurer, to provide insurance to property owners who cannot find coverage in the private insurance market.

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